GTCR Announces Acquisition of BankServ
August 16, 2011
Investment to help accelerate growth of leading financial technology franchise.
GTCR, a leading private equity firm, today announced it has agreed to acquire a majority stake in BankServ, Inc. (“BankServ”), a leading SaaS (software-as-a-service) provider offering financial services and banking technology that facilitates electronic corporate payments and bank-to-bank payment transactions.
GTCR is partnering with founder and CEO David Kvederis and the management team at BankServ as they continue to grow and expand the business. The company offers Fedwire processing, SWIFT messaging, remote deposit capture, mobile and online payment processing technology and services for financial institutions and corporations. BankServ has completed a number of successful acquisitions and has earned a strong reputation in the market by providing leading software and technology solutions combined with high-quality customer service.
“We are extremely excited to partner with David Kvederis to continue building a leading payments and financial technology franchise through acquisitions and internal growth,” commented GTCR principal Collin Roche. “BankServ has a long history of innovation and value creation and we look forward to working with David and his team to build upon that success going forward.”
“GTCR’s strong track record in financial technology and payments makes them a perfect partner for BankServ,” noted Mr. Kvederis. “We are very enthused to have an equity partner fully committed to growing and investing in our business to best serve the needs of our customers.”
Kirkland & Ellis LLP served as legal counsel to GTCR. Bank of Montreal, SunTrust Robinson Humphrey, and Silicon Valley Bank provided debt financing in connection with the transaction. GTCR’s investment in BankServ will be made from GTCR Fund X, a private equity fund with $3.25 billion of committed capital.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered the “Leaders Strategy”—finding and partnering with world-class leaders as the critical first step in identifying, acquiring and building market-leading companies through acquisitions and organic growth. Since its inception, GTCR has invested more than $8.5 billion in over 200 companies. For more information, please visit www.gtcr.com.
Founded in 1996, BankServ develops SaaS-based payment systems used by banks and corporations to transfer money quickly and efficiently around the world. The company’s product lineup includes systems for wire transfers, SWIFT messaging and connectivity, remote deposit capture, online payments, mobile banking and more. Headquartered in Las Vegas, BankServ has offices in San Francisco, Salt Lake City and London. For more information, visit www.bankserv.com.